Sunstar Insurance Group was founded in July, 2012 by David L. "Casey" Bowlin who raised the founders round of equity capital and serves as
its Chairman and CEO. The firm is owned by key employees and a group of outside private investors. It is managed by an Executive
Committee composed of senior executives from our acquired agencies and governed by a Board of Directors.
The company's first acquisition was the Chapman-Sander Insurance agency in St. Louis, Missouri which was founded in 1934. This agency is known for its focus on the construction industry and for its long standing representation of the Cincinnati Insurance Company. The transaction was closed in September 2012.
Next, was the acquisition of the First Delta Insurance agency in West Helena, Arkansas. This agency was founded in 1961 and is known for its expertise in the agriculture industry. Its diverse client base is spread across the Arkansas Delta from Memphis to Little Rock. The transaction was closed in December of 2012.
In February of 2013, a production and service team left the Pitts Boyd agency in Memphis, Tennessee in order to start the Sunstar Insurance Agency of Memphis. Their client base is built around the medical industry, and this team specializes in serving large corporate accounts.
Sunstar raised its second round of equity capital in October, 2013 which was funded by key employees, the founders round investors and several new private investors. The success of this initiative allowed the company to continue with its acquisition driven growth strategy.
The Bovard Insurance Group in Kansas City, Missouri was purchased in November of 2013. This agency was started in 2007 and is well known for serving the home building industry and other prominent Kansas City businesses. The agency's technology platform and paperless work environment have been adopted by all Sunstar agencies as a cornerstone of our common administrative system.
The next acquisition was the Lakenan Insurance agency of Ste. Genevieve, Missouri, a suburb of metropolitan St. Louis. The firm has been in business since 1938 and is the largest insurance broker in that region. Their industry expertise is centered around restaurants, electrical utilities and contractors. The transaction was closed in May, 2014.
On July 1, 2015 Sunstar announced the closing of a new round of equity capital in the amount of $26 million. Investors in this round included employees, current shareholders and a new institutional investor, LNC Capital, which is a prominent, Washington D.C. based private equity firm. LNC Capital’s initial commitment was $20 million. Simultaneously with this closing, Sunstar also closed on the acquisition of the W.E. Walker-Lakenan agency in Cape Girardeau, Missouri. This 100 year old firm has a long history and outstanding reputation within the business community if that area.
Then on November 1, 2015 Sunstar announced the closing of the acquisition of Sims Insurance Services, Inc, of Wichita, Kansas. This firm had established a unique market niche focused on assisted living and nursing home facilities throughout the Midwest. This acquisition also strengthened Sunstar’s presence in Kansas, and its employee count pushed the Sunstar total to 102 full time employees.
Hogan Insurance Group of St. Louis, Missouri, was acquired on March 1, 2016. This agency has a strong client presence with religious institutions in Missouri and Illinois, and a deep relationship with its 18 insurance companies. This acquisition also added to our market share in the metropolitan St. Louis area.
On July 1, 2017, Sunstar purchased certain assets of the Warren Group in St. Louis, Missouri which added to our strong market scare n that city. This transaction brought additional expertise in the construction and marina industries, as well as to our personal lines business.
Sunstar acquired the property and casualty agencies formerly owned by Simmons Bank. This move opened up new offices on the Little Rock, Jackson and Nashville markets and added 52 new employees increasing total staff count to 216. Further, Andrew Meadors was named as the CEO of these agencies.
On September 1, 2017, and in conjunction with the Simmons Bank agencies, Sunstar successfully completed a new senior credit facility with the PrivateBank in Chicago, Illinois that included both a revolver and a 5 year term loan component.